Formula One Tries To Bring Down CostsMay 1 - The FIA announced new cost cutting regulations for Formula One. The Council imposed a spending cap of $58.9 million. The spending cap is optional. Teams can elect each year whether to participate.

Teams choosing to abide by the cap will be allowed greater technical freedom, primarily use of movable front and rear wings, and unlimited engine revolutions. They also will be allowed unlimited out-of-season testing and wind tunnel use. Engines currently are limited to 18,000 rpm. Cosworth, which dropped out of F1 in 2006, is said to have an affordable engine available that could generate 20,000 rpm.

All teams intending to compete in 2010 are subject to a refueling ban, which is intended to cut costs and promote better fuel mileage. All teams are also subject to a tire-warmer ban.

Formula One's Two-Tier System Is RejectedMay 17 - Most teams already made it clear they don't oppose the new cost regulations, but they do oppose the fact that there will be two sets of rules within one competition.

Every factory team has demanded that the FIA reconsider it's proposal to allow two sets of rules in F1.

The teams have until the end of the month to apply to compete in 2010. It is looking like the only teams ready to do so are Brawn, Williams and Force India.

New Indycars for 2012May 17 - The V-8 engines that have powered Indycars since 1997, will be replaced with turbo-engines with fewer cylinders in 2012. So far, Honda, who powers the series currently, is in favor of 6 cylinders. VW is expressing an interest in competing in the series, but feel a 4-cylinder is the way to go. Fiat and Alf Romeo are also interested in joining the IRL.

While the IRL wishes to continue to use alternative fuels, the European companies are not interested in using Ethanol, which power Indycars today.

Also, a new chassis will be designed once an engine formula is in place. A desire for more safety and a car that can be easily converted between ovals and road courses will be the main goals.

Tony George Refutes Management Changes at IMSMay 28 - A stupid rumor that TG was getting ousted from his position as CEO of the Indianapolis Motor Speedway, has forced George to make public that this is false.

George said: “Contrary to published reports, I continue to serve as CEO of IMS. Our board of directors met yesterday, and we did discuss how to best confront challenges and exploit opportunities facing our businesses. This is nothing new and is something that we continually do as a board. But no changes in leadership or responsibility have been made. We don’t normally comment on board deliberations concerning our family business. However, the widespread, inaccurate reports and rumors caused my mother and me to conclude that it was necessary to set the record straight. If changes are made in the management of the company that are newsworthy, we will announce them when they are made.”

Paul Tracy to Drive for FoytMay 28 - Paul Tracy will be filling in for Vitor Meira at Milwaukee. He might run some more races for AJ Foyt Enterprises, depending upon how things go.

Tracy will drive for KV Racing at Toronto and Edmonton in July and Meira is out for 4-6 months with two broken vertebrae in his lower back.

Williams F1 Out at FOTAMay 28 - Williams F1 team confirmed that they had submitted their Formula One entry for 2010. Then the Formula One Teams Association (FOTA) suspended the Frank Williams team from the organization, temporarily, because of their ongoing battle with the FIA.

Sir Frank Williams said, "FOTA's decision, although regrettable, is understandable. However, as a racing team and a company whose only business is Formula One, with obligations to our partners and our employees, submitting our entry to next year's Championship was unquestionable."

The suspension is a first for FOTA and the alliance between the F1 teams under the FOTA banner has been strong but now it appears fragile. The deadline for filing the formal 2010 entries is May 29th.

Williams added, "In addition, we are legally obliged under our contract with FOM and the FIA to participate in the World Championship until the end of 2012."